Call Jay - they are running deals on staying at the Tramhaus Lodge for about 140 per person including lift ticket.
Snowline Lodge - closest off property place is a decent motel that includes a good, sit down breakfast and runs about 100 per room.
Alpine Haven Condos - 3 miles west towards Montgomery Center right near the big Jay access parking. Just over 100 for a 1 bedroom condo with 2 twins and a pullout couch, perfect for 3 or 4 guys on a budget you can cook and have a fridge for beer.
Newport City Motel - like shmerham mentions, clean and cheap about 25 minutes from jay.. plenty of pizza joints etc. in Newport as well.
I've stayed at them all at varous times.
Jay tip - try the glades from one side to the other because sometimes the best snow will be over by Beaver Pond and Andre's Paradise and other times it will be out of bounds off Timbukto. Going out of bounds off Timbukto is easily done, just look for traverses heading skier's left to get you back to the ski area. You should be conservative at first regarding how far out you go and take higher traverses back, then you can push out and down a bit more each time so you get the lay of the land. But stick close together, as you know it is easy to get seperated from your friends in the woods.